Hundreds of thousands of UK small businesses under threat, putting 1.8m jobs at risk

Follow the author of this article

Follow the topics within this article

The nation's small businesses are under threat, with an estimated 370,000 business owners seeking to shut up shop within the next five years because of the burden of red tape and bureaucracy.

A toxic cocktail of threats, including Britain's exit from the European Union, the ever-increasing burden of regulation, and the impact of global economic shocks, are driving small firms out of business, according to the annual business closure report, compiled by "business for sale" website Bizdaq.

The research suggests that if these small businesses ceased trading, it could have a significant impact on the rest of the UK economy. The average small firm employs five people, suggesting that 1.8m jobs could...